Core Viewpoint - R&F Properties, facing over 100 billion yuan in debt, is selling core assets, specifically 387 commercial properties in Foshan, Guangdong, with a starting auction price of 390 million yuan, which is 15% lower than the assessed value of 457.6 million yuan [2][4][21]. Group 1: Asset Sale Details - The auction for the 387 properties is scheduled for August 18, with an execution case number of (2025)粤0605执5409号, and the total execution amount is approximately 439 million yuan [2][4]. - The properties are located in the South China International Financial Center, which has been renamed Foshan Nanhai R&F Plaza, and are classified as wholesale retail/commercial service land [2][4]. - The properties range in size from 32 to 467 square meters and are currently in a raw state, with the exterior completed but the interior unfinished [7][9]. Group 2: Market Context and Implications - The auction has attracted over a thousand viewers, but as of the reporting date, no buyers had registered, indicating cautious investor sentiment towards distressed assets in the current real estate market [4][17]. - The properties are situated in a prime location, adjacent to the Qian Deng Lake and near major transportation routes, which could enhance their appeal despite their current state [13][15]. - The forced sale of these core assets reflects a broader trend among distressed real estate companies opting to liquidate assets to alleviate financial pressures [4][22]. Group 3: Financial Performance and Challenges - R&F Properties reported a significant decline in revenue, with a total income of 17.701 billion yuan in 2024, down 51.15% year-on-year, and a net loss of 17.71 billion yuan [21][22]. - The company has been actively disposing of assets to manage its debt, including the sale of a London project for 1 HKD and attempts to sell domestic hotel assets, although with limited success [22]. - Despite some improvement in sales figures in the first half of 2025, the company continues to face substantial financial challenges, including a total debt of 103.018 billion yuan, with 94.142 billion yuan due within a year [21][22].
富力地产387处房产八五折起拍背后：超千亿元债务压顶，重组计划延期